Do you still have to make payments if voluntarily repossess your car?

When you voluntarily repossess your car, you are surrendering the vehicle back to the lender or creditor. While you may no longer be in physical possession of the car, you are still responsible for any outstanding loan or debt associated with the vehicle. This means that you will still have to make payments on the loan or credit agreement until the balance is paid off in full.

Failure to make payments after voluntarily repossessing the car can result in negative consequences to your credit score, potential legal action from the lender or creditor seeking repayment of the outstanding debt, and additional fees or charges incurred during the repossession process.

To clarify this matter in more detail, we recommend that you consult with the specific lender or creditor who holds the loan for the vehicle or seek advice from a financial professional or legal expert. They can provide precise information about your specific situation and answer any questions you may have regarding the obligations and implications associated with voluntarily repossessing your car.